Disclaimer: This is a promotional review of services for Neighbors Bank, an affiliate of Mortgage Research Center, LLC. Neighbors Bank is not affiliated or endorsed by the U.S. Dept. of Agriculture or any government agency.
Neighbors Bank Overview
Neighbors Bank is a state chartered bank specializing in personalized home loan solutions designed to ensure borrowers of all credit backgrounds have a chance at owning a home.
- Product Offerings: USDA, FHA, VA and Conventional Home Loans, Online Savings Accounts
- Minimum Credit Score Required: 620
- Minimum Down Payment Required: 0%
- Licensing Information: Licensed in 48 states across the USA
Pros & Cons
- Friendly, personalized customer service
- Variety of home loan options available
- 70 years of experience
- USDA Loan experts on staff
- Offering mortgage origination services in 48 states
- 24/7/365 Customer Service by phone
- Member FDIC
- Limited BBB and CFPB history available
- Limited physical locations
- Origination fees can vary depending on the loan product
Neighbors Bank is a growing banking institution that has served rural America for more than 70 years. By offering a variety of home loan products, Neighbors personalizes the home loan process for its customers by finding the best mortgage option for each particular borrower.
After changing its name from Clarence State Bank, Neighbors Bank focused its efforts on digital solutions for its customers including an improved website and mortgage portal.
Neighbors staffs loan specialists trained to offer USDA home loans among other mortgage options. If you’re looking for a USDA lender, here’s what you can expect from Neighbors Bank.
Neighbors Bank Products and Services
Neighbors Bank is an Equal Housing Lender specializing in mortgage origination and works with borrowers to determine the best home loan product to meet their financial needs. This includes offering $0 money down loans such as USDA loans, as well as FHA loans and conventional loans.
Robert Stretch, Vice President of Marketing at Neighbors Bank explained their approach to mortgage lending.
“We take a look at each borrower’s unique financial situation and determine which loan product would be right for them,” Stretch said, “for example, if a borrower doesn’t have a lot of money to put down on a home loan and is looking to purchase a home in a rural area, we might recommend a USDA loan as it would allow the borrower to get the home they want without needing a large down payment that a conventional loan would require.”
Neighbors Bank USDA Loan Approach
Over the past 70 years, Neighbors Bank has been serving rural communities in America offering a variety of loan products and banking solutions. In 2019, one of their most popular products for those looking to live in a rural area is the USDA home loan.
USDA loans are guaranteed by the United States Department of Agriculture, which allows Neighbors Bank to pass on several benefits to borrowers including $0 down payment, competitive interest rates and flexible credit requirements.
“We’re excited to offer the USDA home loan to our customers, because we’ve found that many homebuyers, especially first-time homebuyers, have a difficult time putting down 5-20% on their home purchase,” Stretch said.
As Stretch explained, there are often other costs associated with buying a home such as moving, furniture, decorations, etc. Many buyers are choosing to leverage the USDA home loan, so they can keep some cash on-hand to cover these additional expenses comfortably.
“Our goal is to provide a personalized experience to our borrowers by explaining the home loan options they have at their disposal, so we can determine the best loan product to reach their specific goals.”
How to Get a Mortgage with Neighbors Bank
Neighbors Bank lets customers start the process online with an easy-to-use prequalification form. It should only take a few minutes to fill out the information, which helps the Neighbors Bank team pick a few loan options that could be a good fit.
“We ask questions like ‘Have you ever served in the military?’ or ‘What zip code are you interested in purchasing in?” to help us lay out only the options that make sense for each customer,” Stretch said, “This ensures we’re prepared with the necessary information, so we can always offer the best product for the borrower’s specific situation.”
For those who prefer speaking to a specialist over the phone, Neighbors Bank has a dedicated mortgage phone number available on their website.
Other Facts and Figures
Mailing Address: 1801 Westfall Drive, Suite 105 Columbia, MO 65202
Main Phone Number: 1-833-514-4190
CEO: Andrew Beverley